When people owe back taxes to the Internal Revenue Service (IRS), it isn’t always due to a deliberate attempt to evade payment. Self-employed individuals may get in arrears by underestimating their quarterly income tax payments. Mathematical errors or taking incorrect exemptions are common reasons as well. Some individuals and businesses fail to file taxes one year and then feel too intimated to file future returns.
If the IRS determines that you owe back taxes, you will typically receive a Computer Paragraph (CP) letter within 60 days of the tax filing deadline. Unfortunately, honest mistakes and ignorance of the law are not considered valid reasons for not paying the IRS. While this letter is understandably upsetting to receive, Roberts Tax Advisory can help you find the most acceptable tax resolution.
How Much Do You Owe?
The CL letter informs you that you have an overdue tax debt, but it doesn’t necessarily tell you how much. You need to request a Record of Account from the IRS to obtain this information. You also need to complete Form 4056-T, labeled Request for Transcript of Tax Return, before you can receive the Record of Account. We are happy to help you locate and complete these forms if necessary.
Helping You Find the Best Solution to Pay Your Back Taxes
In some cases, simply filing your past returns is the easiest way to resolve the problem. Our team will work with you to ensure you know which records you need to produce to file prior year tax returns. Other situations may require making payment arrangements with the IRS. We will advise you on all options, such as an installment agreement or offer in compromise.
A demand for payment from the IRS can turn your life upside down. Please contact us today so you can settle the issue as soon as possible.